i love this business and went solo in 2001. this current downturn i identify as starting 11/1/2007 has been the second worst i faced since i left morgan stanley in 2001.
the drawdowns have been constant as i slowly and reluctantly reduce leverage and either raise cash or (god forbid) go into defensive sectors.
that's what a portfolio manager have to do in times of unknown and mass uncertainty.
looking back for academic purposes, the technicals were pinpointing a sell back in the end of october 2007, so they were 100% right. selling then was a consideration but my personal tendency was always to let profits ride and the best excuse was to not sell for tax reasons.
chalk this up as another lesson learned.
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